Compare your loan options in Maine

10 October 2018

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Thinking about getting a payday loan in Maine? Here’s how to make an informed decision.

When you’re facing a financial emergency, like an expensive car repair or an unexpected bill, it can be hard to make ends meet between paychecks. In Maine, plenty of people turn to payday loans. Fortunately, Maine’s laws heavily regulate how much interest a lender can charge to protect consumers from high-cost lending.

Read on to learn about how much a payday loan in Maine will cost.

For fast cash: LendYou

Find a lender that offers cash advances between $100 and $15,000.

Min. Loan Amount: $100

Max. Loan Amount: $15,000

Turnaround Time: 1 business day

Must have regular income of $1,000/month and be a US citizen or permanent resident

How do payday loans in Maine work?

Unlike some other states, Maine regulates its lenders and supervises them to make sure they aren’t providing predatory loans. Referred to as small loans in the Maine Revised Statutes Ann. 9-A §1-201 and 9-A §1-301, there is a rate cap of 30% on anything you borrow up to $2,000.

The fees a lender can charge you depends on how much you borrow.

Loans less than $75: $5 fee

Loans between $75 and $250: $15 fee

Loans greater than $250: $25 fee

Lenders you might want to apply with

Check the websites of any providers you’re interested in to confirm they operate in Maine.

Rates last updated December 19th, 2018

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What do you need to apply for a payday loan?

Maine doesn’t allow for lenders to cash post-dated checks. However, you can still apply in-store or online easily provided you have your required personal details with you. A lender will likely ask for the following during the application process:

Your name, date of birth, Social Security number and a valid form of ID

Your address, email and phone number

Details about your current employment and monthly income

Details about your bank checking account

Remember that you will have to be at least 18 years old, a US citizen or permanent resident and have a regular source of income in order to apply.

Before taking out a loan, consider alternatives

Payday loans are still high-cost forms of credit, even with Maine’s strict lending laws. If you need assistance with expensive bills, you can look into the Low Income Home Energy Assitance Program (LIHEAP), Alternative Aid Assistance or Parents as Scholars. These will help you take control of your budget.

Other options include asking friends and family for help or requesting a payday advance from your employer.

Bottom line

While a payday loan can be helpful when you’re facing a big expense, it’s best to exhaust all your other options before taking on more debt.

Have any more questions about Maine short term loans?

If you run into a disreputable or an unlicensed payday lender, you can file a complaint with the Maine Bureau of Financial Institutions.

Supervised lenders is synonymous with payday lenders, it’s simply the term Maine has used in the legislation surrounding them.

You could contact the lender directly and see if they’re willing to work with you on a payment plan that fits your budget. Some lenders may charge additional fees for extending your loan, but it’s worth asking about if you think you might not be able to afford the original loan terms.

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